# In the matter of Annapurna Malleables Pvt. Ltd. IA (IB) No. 97-CB-2021 in TP No. 199-CTB-2019 {C.P (IB) No. 4392-MB-2018}

> NCLT judgment dated 2022-07-29. Citation: TCN-2022-NCLT-01527. The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 29 Jul 2022
- **Citation:** TCN-2022-NCLT-01527
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/annapurna-malleables-pvt-ltd-ia-ib-no-97-cb-2021-in-tp-no-199-ctb-2019-cp-ib-no-6c822b9c

## Summary

### Background

The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation against the corporate debtor, Annapurna Malleables Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor, and it was admitted by the Adjudicating Authority on 04.09.2019 under section 7 of IBC 2016. The applicant, Mr. Bhavesh Rathod, was appointed as an interim resolution professional and later as the resolution professional.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Annapurna Malleables Pvt Ltd, and admitted on 04.09.2019. Bhavesh Rathod was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made in Times of India and Swadesh on 07.09.2019. Kotak Mahindra Bank Ltd. filed a claim of Rs. 11,86,040/- plus 5% of the realization of assets as financial creditor. The Committee of Creditors (COC) was formed with Kotak Mahindra Bank as the sole financial creditor on 27.09.2019. No resolution plan was received, and the COC concluded that there was no possibility of reviving the corporate debtor. The maximum period for CIRP expired. The RP filed an application on 09.11.2019 under section 19 (2)

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Annapurna Malleables Pvt Ltd, …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that no resolution plan was received within the maximum period allowed

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** In this case, the application of Section 33(1) is justified because the CIRP

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Respondents:** ANNAPURNA…
- **Advocates:** Nalinikant…

## Timeline

- **2019-09-04 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) against Annapurna Malleables Pvt Ltd…
- **2019-09-07 — Public Annou…**: Public announcements were made in Times of India (English Edition) and Swadesh (Hindi…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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